Stifel downgraded Capital One Financial (NYSE: COF) from Buy to Hold with a price target of $84 (from $76). The downgrade was tied to valuation.

"With the fierce election rally in financials, both COF and DFS have quickly surpassed our target prices and forced us to rethink our ratings. In our view, the Trump benefits are real and this is rally we want to stay long. At the same time, structural changes aren't likely to be felt for years and we believe it also makes sense to take a little off the table. At some point, investor focus will return to fundamentals, and we remain concerned about credit as there has been a clear inflection, especially in subprime. With multiple expansion challenging in the face of increased credit costs, we are moving to Hold on COF and maintaining our Buy rating on DFS given greater leverage to near-term Trump benefits (higher rates, capital relief) and considerably lower credit risk," said analyst Christopher C. Brendler.

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